Exercise 2-12 (Algo) Calculate retained earnings LO 2, 3 Retained earnings, December 31, 2019 Decrease in total liabilities during 2019 Gain on the sale of buildings during 2019 Dividends declared and paid in 2019 Proceeds from sale of common stock in 2019 Net income for the year ended December 31, 2019 $420,600 91,600 32,200 9,000 98,800 45,200 Required: From the above data, calculate the retained earnings balance as of December 31, 2018. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2019 Retained eamings, December 31, 2018 Add: Net income Less: Dividends Retained eamings, December 31, 2019 $ 45,200 420,600